Just under $20 million will buy you a piece of Lake Tahoe paradise with history to spare. A century-old log home once owned by reclusive billionaire Howard Hughes is on the market in Crystal Bay, Nev., for $19.5 million. The Summertide estate was built by a silver-mining mogul and later owned by an English earl.
Too rustic? How about a $43 million, four-home compound in Incline Village, Nev., a short walk down the beach from where Oracle Corp. billionaire Larry Ellison is building a mega-estate. The lakefront in Nevada, a state with no personal income tax, has become a favorite retreat for California's high-tech titans.
"Lake Tahoe, where the billionaires are pushing out the millionaires,"
High-end sales at Tahoe staggered during the recession but have started to recover in the past half-year.
Real estate agents said the trend has been fueled by wealthy Californians decamping for Nevada in the wake of Proposition 30, a ballot measure that California voters passed in November. It raised the state income tax rate on those who make $1 million or more annually to 13.3 percent -- a nearly 30 percent increase.
That pushed some -- especially those who can work from home or whose children are no longer in school -- to make their primary residence in Nevada, agents said. Sales of homes in the $2 million-to- $4 million range around Incline Village have been especially brisk, they said.
At the highest end of the market, in the rarefied world of properties worth tens of millions of dollars, Silicon Valley billionaires have been driving sales. They've been buying properties on the Nevada lakefront, including the opulent homes along Lakeshore Boulevard in Incline Village.
Incline Village also could be called the village of lucky stars, because a great
number of its residents are lucky enough to live in gigantic,
multimillion-dollar homes with splendid lake views.
Lake Tahoe’s northeastern shoreline, known locally as the
“Banana Belt,” gets less snow than the west shore; the east and north shore
waters are warmer than other parts of the lake because the water is not as deep;
and the area has several sandy public beaches.
"The quality of life at Incline, where both the moon and stars shine more
brightly"
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